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20121224
20130101
Search Results 0 to 3 of about 4 (some duplicates have been removed)
may not be able to file their returns until late march. that would mean long delays for many tax refunds. and economists warn the economic effects will be felt quickly if $600 billion in automatic tax increases and spending cuts begin to take effect next year. at this rate, it looks like lawmakers will celebrate new year's eve at work-- if not resolving the fiscal cliff, at least trying to avoid the blame. darren gersh, nbr, washington. >> susie: going over the fiscal cliff will not only have an impact on the national level, it will also hit states and eventually cities. if lawmakers fail to reach a deal before january 1, the cliff's across the board spending cuts and tax increases will impact how much money states get from the federal government. ruben ramirez reports from washington. >> reporter: we all know the numbers. failing to reach a deal by january 1 will result in $109 billion in automatic cuts to federal spending. and while that's a big number, what matters most to states and municipalities is the small print, detailing just where those cuts will happen. and standard &
of expanded taxes in 2013 to do some of the other paying for the things that will nap 2014. wealth yearl people will see an additional tax-- an additional medicare tax. their payroll tax will if up by .9%, and there label tax for the first time on non-wage income in medicare for people who earne. over $200,000 for an individualo $250,000 for a couple. there will be a tax on investment income for the first time. there will also be a limit onpe what you can put aside in the so-called flexible spendings account. these are places you can putan pretax money. basically it hundreds you pay for things that your insurance doesn't cover, things liketi orthodontia, perhaps, or eye glass or your deductibles and co-pays on your insurance plans.,0 usually there could be no limitn or a large limit of $5,000, $6, 000, and that's being cut toar $4500. those are a couple of thingshi people will experience next20 year. >> suarez: which means you'll have plenty of work to do in 2013. >> i will have plenty of work to do in 2013. >> suarez: npr's julie rovner, thanks a lot. it >> ifill: next, protecting civil
have extended tax breaks for everyone making less than a million dollars a year. >> it's the mother of all debacles. that was brought up in an effort to send us something. he couldn't even pass it among the republicans it was so absurd. he meaning the speaker. so it's very clear now mr. president that the speaker's number one goal is to get elected speaker on january 3. >> reporter: january 3 is the deadline for the new congress to start work. if a fiscal cliff fix isn't passed by then, the start of a new congress will likely delay matters even more. which is why the focus now is on reaching a nano-deal. >> the minimal that they can put together to avoid the fiscal cliff which will have sadly almost no impact on the long- term debt trajectory, but right now, neither markets nor the congress care about that. >> reporter: congress has never been terrific at long-range planning, but now the definition of long range seems to be 48 hours. >> you don't hear people talking, well a year from now, we allyeed to be here. you hear, well we need to do that this week. we need to do that day afte
Search Results 0 to 3 of about 4 (some duplicates have been removed)